Diamonds North and Majescor Developing Drill Targets on Banks Island
VANCOUVER, July 05, 2006 -- Diamonds North Resources Ltd. (TSX-V: DDN) and Majescor Resources Inc. (TSX-V: MAJ) announce that a priority area has been identified on the Banks Island diamond project in the Northwest Territories. A detailed airborne geophysical survey over this area is scheduled to start in mid-July. The resulting geophysical data will be used to identify drill targets.
The Banks Island diamond project was initiated in 2003 as a result of regional reconnaissance. Under the 50:50 joint venture two sampling seasons have been completed. High interest kimberlite indicator minerals have been isolated from stream samples collected from the headwaters of several drainages. Based on this data the companies believe a diamondiferous kimberlite field exists on the property.
Kimberlite indicator minerals were recovered in 47 of the 130 stream sediment samples collected in 2005. They include garnet, chromite, picroilmenite and chrome diopside. High interest G10 pyrope garnets and diamond inclusion eclogitic garnets suggest that the kimberlite sources have the potential to be highly diamondiferous.
Selected kimberlite indicator minerals were also submitted to Dr. Felix Kaminsky of KMD Diamond Exploration Ltd for full textural analysis. From the analysis it was concluded that the surface features indicate close proximity to the kimberlite sources. The high percentage of indicator minerals with these surface features provides the joint venture with confidence in a local kimberlite source on the property.
The airborne survey will be flown from a camp at the Johnson airstrip 70 kilometres from the project area. The total budget for the 2006 program will be approximately $150,000. Approximately 4500 line kilometres are planned to be flown.
The Banks Island project is comprised of approximately 1.2 million acres of exploration permits held jointly by Majescor and Diamonds North. Diamonds North is the project operator. De Beers' Canada Inc, one of the main competitors in the region, holds approximately 3 million acres of permits on NW Victoria Island which is 20 kilometres southeast of the Banks Island diamond project.
Bruce Kienlen (P.Geol) is Diamonds North's qualified person reviewing the data for this project.
Diamonds North is a dynamic successful exploration team focused on strategically advancing diamond opportunities and is determined to discover Canada's next diamond mine.
Majescor is an exploration company with a large portfolio of diamond properties in Quebec, as well as projects in Nunavut, the Northwest Territories, Brazil and Madagascar.
On behalf of Diamonds North Resources Ltd. and Majescor Resources Inc.
Mark Kolebaba
President & CEO
Diamonds North Resources
Marc-Andre Bernier
President & CEO
Majescor Resources Inc.
For further information, please contact:
Diamonds North Resources Ltd.
Corporate Communications: Nancy Curry
Telephone:
Facsimile:
Website: www.diamondsnorth.com
Email:
Majescor Resources Inc.
President and CEO: Marc-Andre Bernier
Telephone:
Facsimile:
Website: www.majescor.com
Email:
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Statements in this press release, other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, may include forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.